Taxpayers who live in the United States and receive money from abroad are potentially subject to a range of U.S. tax-reporting requirements. If they file information returns late, an IRS system automatically applies penalties “without any review or action from IRS personnel,” the National Taxpayer Advocate, Erin Collins, wrote in a blog post. She said many average-income individuals and small businesses “face significant penalties, even when they voluntarily comply, for failing to meet obscure and complex foreign information reporting requirements.” She wants the IRS to focus more on education and outreach efforts regarding these requirements. Read the blog post: https://bit.ly/3WUqzLc
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